Amendment102nd Congress
An amendment consisting of the text of H.R. 4287. Provisions of the amendment include a two year Social Security tax credit of up to $200 for single filers and $400 for married couples, a new 35% tax bracket for individuals with income over $85,000 and couples with income over $145,000, and a raise in the Alternative Minimum Tax to 25%. The economic growth incentives of this amendment include an allowance for the indexing of capital gains income and a $25,000 tax credit for small business purchases of new equipment.
- Amendment Number
- 438
- Description
- An amendment consisting of the text of H.R. 4287. Provisions of the amendment include a two year Social Security tax credit of up to $200 for single filers and $400 for married couples, a new 35% tax bracket for individuals with income over $85,000 and couples with income over $145,000, and a raise in the Alternative Minimum Tax to 25%. The economic growth incentives of this amendment include an allowance for the indexing of capital gains income and a $25,000 tax credit for small business purchases of new equipment.
- Purpose
- Amendment in the nature of a substitute: 1) increases the top income tax rate to 35 percent for individuals with taxable income over $85,000 and couples with taxable income over $145,000; 2) increases the Alternative Minimum Tax from 24 to 25 percent; 3) indexes capital gains for inflation; 4) provides a 2-year tax credit for Social Security tax payments; 5) includes tax credits for interest payments on student loans; and 6) waives the penalty on early IRA withdrawals for first-time homebuyers and for medical and educational expenses.
- Congress
- 102
- Type
- HAMDT
- Latest Action Date
- Feb 27, 1992
- Latest Action Text
- On agreeing to the Rostenkowski amendment (A003) Agreed to by recorded vote: 221 - 210 (Roll no. 30).
- Latest Action Time
- 14:56:22
- Submitted Date
- Feb 27, 1992
- Chamber
- House of Representatives
- Update Date
- Jun 7, 2021